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you cannot fix this yourself but don't worry. There is a widespread problem occuring right across the board at this very moment with the PSN Network. Some consoles are not synching properly due to an internal clock error and causing problems exactly like you describe.
It is expected that Sony will soon have this resolved.
For a full breakdown please look at this FixYa Tip.
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Sony Network is experiencing sporadic outages in certain areas today. It may be a scheduled system upgrade or maintenance - but be assured you are not the only one facing this issue. No UP time has been announced by Sony - they are working to get the system up and running as soon as possible. The problem is not on your end. Keep trying to connect.
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as of now the the playstaion network is down, they are upgraded the network, there is nothing wrong is your system if you are getting error msg 8001050f
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There is a worldwide issue with PSN at the moment:
We're aware that many of you are having problems connecting to PSN, and yes, we're looking into it. Stay tuned for updates.about 1 hours agovia webSonyPlayStation
The error message reads, You have been signed out of the playstation network (8001050F).. So when I go back to sign in it won't let play online and I have lost all of my saved data.. What do I do??
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